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Chainlink’s Recent Surge Amidst a Gloomy Market
Despite a mostly stagnant crypto market, Chainlink (LINK) is defying the odds with an impressive 11% rise in just the past six days. This upswing can be attributed to LINK’s substantial holders, who seem to be on a buying spree.
Recent data from on-chain analysis firm, Santiment, underscores this sentiment, revealing that “shark tier” LINK holders (those holding between 10K-100K LINK) have been aggressively accumulating. Specifically, wallets within this category have grown by 3.2% since September 3rd, adding a whopping $9.6 million worth of LINK in a mere three days.
A Rocky Path for Chainlink
While Chainlink’s recent Cross-Chain Interoperability Protocol (CCIP) launch generated significant buzz, it surprisingly did not catalyze a spike in LINK’s price. Furthermore, news about Chainlink’s tokenization experiment in collaboration with the interbank messaging system, Swift, and several prominent financial institutions, while promising, didn’t make significant waves in the price.
Upcoming Events: The Catalyst Chainlink Needs?
Chainlink’s upcoming SmartCon event, scheduled for October 2nd to 3rd, may be the turning point the coin has been awaiting. Speculation is rife about a major announcement between Swift and Chainlink Labs, which, if true, could bridge web3 infrastructure with banks involved in previous trials.
Historically, such speculations and potential announcements have led to price surges, suggesting that Chainlink’s price might see a bullish “Uptober” before October even arrives.
LINK Technical Analysis
Chainlink’s recent 11% price hike indicates that investors may already be positioning themselves ahead of anticipated announcements. But the 4-hour chart shows a potential hurdle at the 23.6% Fibonacci retracement level ($6.37), which aligns with the 200 EMA at $6.40. For the upward momentum to continue, LINK needs to break this barrier, aiming for the 50% Fibonacci level at $7.08.
The 1-week chart depicts LINK’s extended downtrend, but holding above the 23.6% Fibonacci retracement level at $5.92 might signal bullish intent. The next challenge is the 50% Fibonacci level at $7.20. Surpassing this level could see LINK target the upper end of the 15-month downtrend channel. A decisive move beyond the $8.30-$8.40 range would bring the 78.6% Fibonacci retracement level ($8.58) into play.
However, if LINK fails to maintain momentum, it could revert to its longstanding downtrend. But, overcoming the $8.58 level could be a significant bullish signal, potentially propelling LINK to revisit its 15-month peak at $9.61.
In conclusion, while Chainlink has faced its share of challenges, the current indicators and upcoming events hint at potential bullish movements for the token this September.
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